The last week witnessed a significant downturn for several large-cap stocks, leaving investors wondering if their portfolios took a hit. Here’s a breakdown of the top ten worst performers and the factors that contributed to their decline:
NIO Inc. (NIO)
saw a 16.35% drop last week. The primary driver of this slump was the decline in U.S.-listed Chinese stocks following China’s disappointing September export figures, which fell short of estimates. The ongoing uncertainty surrounding China’s economic stimulus plans further added to the pressure on these stocks.KLA Corporation (KLAC)
suffered a 15.58% dip, likely due to continued weakness following weak guidance from ASML, a key player in the semiconductor industry. This indicates potential challenges in the chip manufacturing sector, impacting KLA’s prospects.Centene Corporation (CNC)
shares declined by 14.38%. The company is scheduled to release its third-quarter results on October 25th. Investor sentiment may be impacted by potential earnings announcements.Elevance Health (ELV)
experienced a 14.17% drop after analysts lowered their forecasts following the company’s third-quarter earnings report. This suggests that analysts anticipate weaker performance in the future, leading to the stock’s decline.ASML Holding N.V. (ASML)
took a significant hit, tumbling 13.97%. The company faced a setback when it accidentally released its earnings a day ahead of schedule. Moreover, ASML also cut its 2025 sales forecast, indicating concerns about future growth prospects.Temu parent PDD Holdings Inc. (PDD)
saw a 13.91% drop, mirroring the broader decline in U.S.-listed Chinese stocks due to the disappointing export figures and China’s economic stimulus uncertainties.Molina Healthcare Inc. (MOH)
shares fell by 12.24%. This decline likely stems from the downward pressure on Elevance Health, which reported a third-quarter earnings miss and issued weak guidance for FY24. Molina Healthcare is also a player in the healthcare sector, so it may be affected by the same factors.Lam Research Corporation (LRCX)
experienced a 12.12% decline, potentially due to the performance of Taiwan Semiconductor Manufacturing Company Ltd. (TSM), a major customer of Lam Research. While TSM reported better-than-expected earnings and issued strong guidance, it’s possible that Lam Research’s performance might be impacted by competitive pressures and other market factors.Erie Indemnity Company (ERIE)
fell by 9.92% last week after Spruce Point Management issued a short-sell report on the stock. The company has also been facing challenges due to the impact of Hurricane Milton, a Category 5 storm. This combination of factors likely contributed to the decline in Erie Indemnity’s stock price.CVS Health Corporation (CVS)
saw a 9.44% drop last week after the company revised its Q3 outlook downward. This indicates that the company expects weaker performance in the coming quarter, which has negatively impacted investor confidence and led to the stock’s decline.These ten large-cap stocks experienced significant declines last week due to a variety of factors, including disappointing economic indicators, weak guidance, and industry-specific challenges. This highlights the volatility of the stock market and underscores the importance of staying informed about the underlying factors that can influence stock prices.